Jaipreet Luthra
Vertical Head – Business Development
Being said so, currently thriving in this dynamic era, where uncertainty makes all of us uncomfortable,it’s quite enthralling for one to live up to their dreams and pursue their passion. But, Jaipreet Luthra (Vertical Head – Business Development, Luthra Industrial Corp.)did it just the right way, positioning Luthra Industrial Corp. as one of the most recognized and sort after leaders in the automotive component manufacturing industry for Flywheel Assemblies & Brake Rotors. This inspirational journey of Jaipreet in his homegrown company Luthra Industrial Corp. is nothing less than a luminary experience for others to follow. Having identified his fervor for automobiles right in the final year of his Engineering degree, he chased his passion arduously to the extent that the company has grown multifold in the past 1 decade, offering a wide spectrum of auto components like Flywheel Assemblies, Ring Gears, Brake Rotors / Discs, Brake Drums & Clutch components for well recognized OEMs, Tier-I's as well as Independent Aftermarket Private Labels across the Indian and Offshore markets.
Surviving all odds and overcoming a surfeit of challenges in his journey, he endeavored to rise high, displaying true grit and determination to not just his folks at Luthra Industrial Corp., but also becoming an inspiration to follow for today’s other budding entrepreneurs. To know more about Jaipreet’s inspirational journey, delve into the following excerpts of an exclusive interaction between him and CEO Insights.
What inspired you to venture into automotive industry? Also, do mention about the challenges that you faced so far in your professional journey?
I am a Mechanical Engineer by profession, and it was during the final year of my degree that I realized my passion for automobiles and being a youngster at that age, I was fascinated by the idea of doing something on my own rather than working under someone else. Hence, even though I had bagged a job offer from L&T which was lucrative enough for me during the period of subprime crisis, I still laid back the offer and decided to join my father in our 2-decade old family business of manufacturing of Auto Components. Fortunately, he laid his faith in me and let me grow the business single-handedly.
However, way back in 2009, when I had decided to join him, things were rather complex & challenging for us, as we as a company were just coming out of a major labour strike where my father had to take a few very tough decisions to the extent that we actually thought of wrapping up the company’s manufacturing operations.
But, starting afresh with a manpower of 30 odd people and with the clear intent of going global in the coming future, I ventured into
restructuring& streamlining our operations by eliminating the in efficiencies in the process and slowly converting our manufacturing lines to automation. And I’m glad to say that today we host one of the most advanced & modern state of art automatic manufacturing facilities for flywheels and brake rotors, spread across two locations in India and ably supported by our ever-expanding and dedicated work strength of 500 + people. We are today by far the largest flywheel exporters of India and one of the only few companies in Asia who have done 100 percent inhouse deep rooted reverse vertical integration to bring all critical process under our wings, to the extent of setting up of our own corrugated box manufacturing plant in 2019, to meet and match our customers growing requirements for global packing standards.
As a well renowned and known manufacturers of Flywheel Assemblies & Brake Rotors, we have our global footprints firmly spread in 6 continents and 74 countries under our two registered brand names RMOSS and FLYTECH. Parallelly, we also have a very strong presence in the Indian domestic market where we are associated with the major OEMs and highly reputed Tier-I companies to provide our products ‘services.
Tell us about Luthra Industrial’s current capabilities as an automobile spare parts product manufacturer & supplier. How is the company strengthening its capabilities under your reigns?
Headquartered in Agra, Luthra Industrial Corp. is an IATF 16949 certified & Government Recognized Export house involved in the manufacturing and export of Flywheel Assemblies, Ring Gears, Brake Rotors, Brake Drums, Pressure Plates, Face Plates, Back Plates & Hubs. As an organization, we have always given more importance to relationships over profit margins and believed in the simple fact that quality and economically genuine prices is the base of any business relationship.
Delivering Quality is the best kind of marketing has been our corporate mantra and it is our this approach which has helped us reap 25 percent YoY (year-on-year) growth for the past decade, now. Even during the COVID scenario we managed to sustain this growth by 18 percent YoY and have closed the current fiscal year at an incredible growth of 34% in contrast to last year . Another major factor driving our growth is our ever-reliable employees and the strong customer-base who have been with us since generations over the last 30 years. We, as a company, have a 50:50 percent market share in domestic as well as international market where 50 percent of the revenue is generated by the sales in Indian market and the balance 50 percent through offshore export sales. Also, we have never judged our sales partners based on dips in
Delivering Quality is the best kind of marketing has been our corporate mantra and it is our this approach which has helped us reap 25 percent YoY (year-on-year) growth for the past decade, now
As a well renowned and known manufacturers of Flywheel Assemblies & Brake Rotors, we have our global footprints firmly spread in 6 continents and 74 countries under our two registered brand names RMOSS and FLYTECH. Parallelly, we also have a very strong presence in the Indian domestic market where we are associated with the major OEMs and highly reputed Tier-I companies to provide our products ‘services.
Tell us about Luthra Industrial’s current capabilities as an automobile spare parts product manufacturer & supplier. How is the company strengthening its capabilities under your reigns?
Headquartered in Agra, Luthra Industrial Corp. is an IATF 16949 certified & Government Recognized Export house involved in the manufacturing and export of Flywheel Assemblies, Ring Gears, Brake Rotors, Brake Drums, Pressure Plates, Face Plates, Back Plates & Hubs. As an organization, we have always given more importance to relationships over profit margins and believed in the simple fact that quality and economically genuine prices is the base of any business relationship.
Delivering Quality is the best kind of marketing has been our corporate mantra and it is our this approach which has helped us reap 25 percent YoY (year-on-year) growth for the past decade, now. Even during the COVID scenario we managed to sustain this growth by 18 percent YoY and have closed the current fiscal year at an incredible growth of 34% in contrast to last year . Another major factor driving our growth is our ever-reliable employees and the strong customer-base who have been with us since generations over the last 30 years. We, as a company, have a 50:50 percent market share in domestic as well as international market where 50 percent of the revenue is generated by the sales in Indian market and the balance 50 percent through offshore export sales. Also, we have never judged our sales partners based on dips in
their growth graph, be it domestic or foreign markets and it this trust amidst our business relations which has also paid us rich dividends in our growth journey.
Brief us on the exceptional approach that you undertake at Luthra Industrial Corp. as the Vertical Head – Business Development to drive growth?
Today,due to the rapid pace of globalization, when the markets are both aggressive as well as dynamic, one needs to be up to date not just with the latest trends in technology related to one’s product and competition but also needs to develop a fine and closer understanding of how global policies affect one’s business and we have quite thoroughly maintained that at Luthra Industrial Corp. For a fact, about India not being readily accepted in the global markets earlier, I have gone deeper to analyze the reasons behind it, by travelling far and wide across countries & continents, and, today I feel privileged to find that India is at par with any growing country around the world and that we can deliver quality products as per customer requirements. Hence, as change is constant in the field of technology, I strive to live by it at all costs.
What are the opportunities you are foreseeing in the automotive industry as leader? Do brief us about your future plans in that respect.
Post-COVID,both - Demographics & Scenarios have changed globally. Thriving in this new normal, I can say that there’s so much to explore in the automotive industry irrespective of the leaps the industry has shown recently. Currently valued at $118 billion, the Indian Automotive industry is expected to be the world's third-largest automotive market in terms of volume by 2026. We are on the threshold of entering a new age of Revolution, realizing higher sales, and becoming the epicenter of major world manufacturing.
This is the high-level diversity we are going to experience in the times to come and we at Luthra Industrial Corp, have devised and fine tuned our future, accordingly. A decade earlier, Luthra Industrial Corp was primarily a dedicated machining unit. However, today we have diversified our Brand portfolio by adding different wings under our umbrella and making them strategic growth engines for the company, and it is our keen investment in our operations that’s going to help us at any given point of disruption. Our vision for the next three years, to be specific, by 2025, is to increase our productions approximately 300 percent and at the same time set-up two plants which are already in progress.
Jaipreet Luthra, Vertical Head - Business Development
Jaipreet is a Quality oriented technocrat having a keen finesse for business development & operations control, dedicated in imbuing the automobile component manufacturing industry with new advancements and technology updates, to meet and match the ever evolving and growing demands of customer requirements.
Favorites:
Hobbies:Reading, Watching tech related videos
Books:Stay Hungry Stay Foolish, The hard things about hard things, Start with Why
Cuisines:Chinese & Japanese
Travel Destinations:Miami & Turks & Caicos Islands
Brief us on the exceptional approach that you undertake at Luthra Industrial Corp. as the Vertical Head – Business Development to drive growth?
Today,due to the rapid pace of globalization, when the markets are both aggressive as well as dynamic, one needs to be up to date not just with the latest trends in technology related to one’s product and competition but also needs to develop a fine and closer understanding of how global policies affect one’s business and we have quite thoroughly maintained that at Luthra Industrial Corp. For a fact, about India not being readily accepted in the global markets earlier, I have gone deeper to analyze the reasons behind it, by travelling far and wide across countries & continents, and, today I feel privileged to find that India is at par with any growing country around the world and that we can deliver quality products as per customer requirements. Hence, as change is constant in the field of technology, I strive to live by it at all costs.
What are the opportunities you are foreseeing in the automotive industry as leader? Do brief us about your future plans in that respect.
Post-COVID,both - Demographics & Scenarios have changed globally. Thriving in this new normal, I can say that there’s so much to explore in the automotive industry irrespective of the leaps the industry has shown recently. Currently valued at $118 billion, the Indian Automotive industry is expected to be the world's third-largest automotive market in terms of volume by 2026. We are on the threshold of entering a new age of Revolution, realizing higher sales, and becoming the epicenter of major world manufacturing.
This is the high-level diversity we are going to experience in the times to come and we at Luthra Industrial Corp, have devised and fine tuned our future, accordingly. A decade earlier, Luthra Industrial Corp was primarily a dedicated machining unit. However, today we have diversified our Brand portfolio by adding different wings under our umbrella and making them strategic growth engines for the company, and it is our keen investment in our operations that’s going to help us at any given point of disruption. Our vision for the next three years, to be specific, by 2025, is to increase our productions approximately 300 percent and at the same time set-up two plants which are already in progress.
Jaipreet Luthra, Vertical Head - Business Development
Jaipreet is a Quality oriented technocrat having a keen finesse for business development & operations control, dedicated in imbuing the automobile component manufacturing industry with new advancements and technology updates, to meet and match the ever evolving and growing demands of customer requirements.
Favorites:
Hobbies:Reading, Watching tech related videos
Books:Stay Hungry Stay Foolish, The hard things about hard things, Start with Why
Cuisines:Chinese & Japanese
Travel Destinations:Miami & Turks & Caicos Islands